An agreement on economic and technical cooperation was recently signed by the governments of the Philippines and China.
The agreement will provide the country with a grant of P3.72 billion from China to support the implementation of infrastructure projects and other development initiatives of the Duterte administration.
The grant is intended to support livelihood projects, infrastructure facilities, feasibility studies for major projects and other projects to be mutually agreed upon by the parties.
“Subject to further discussions between our two governments and depending on the requirements, this may possibly include support for Covid-19 (coronavirus disease 2019) related activities and response measures,” Undersecretary Mark Dennis Joven of the International Finance Group (IFG) of the Department of Finance (DOF) said in a statement Sunday.
Joven signed the agreement on behalf of the Philippines, while Vice Chairman Deng Boqing of the China International Development Cooperation Agency (CIDCA) signed on behalf of the Chinese government.
The signing of the grant accord was witnessed by Foreign Affairs Secretary Teodoro Locsin Jr. and visiting China State Councilor and Foreign Minister Wang Yi, in ceremonies held at the Shangri-La at the Fort in Taguig City.